ReverseVision, a provider of software and technology for the reverse mortgage industry, has forged a partnership with Skyline Financial Corp. (Skyline Home Loans and NewLeaf Lending) to support the lender’s growing reverse mortgage division with RV Exchange (RVX) loan origination technology and RV University (RVU) training programs.
One of the nation’s top 50 mortgage lenders and a national issuer of Ginnie Mae securities, Skyline has originated a modest number of FHA-insured home-equity conversion mortgages (HECMs) over the years, mostly on a hybrid correspondent basis. According to industry veteran and recently appointed division vice president Joe Rinner, Skyline is now ready to focus on becoming a full-fledged reverse mortgage lender.
“The home-equity conversion mortgage is often overlooked as a viable home-equity alternative, and it’s especially underutilized as a means of purchasing a home. By growing our retail efforts and expanding HECM products to our wholesale channel, we can better serve the needs of Skyline customers,” Rinner said in a press release. “Getting the right technology and training from ReverseVision was our first step.”
ReverseVision’s RVX serves as a centralized exchange, connecting all participants in the lifecycle of a reverse mortgage and allowing them to log in to a single system to share documents and information for each part of the loan process. The system encompasses everything from point-of-sale, processing and underwriting to funding, post-closing and secondary marketing.
“ReverseVision is proud to support a lender of Skyline’s size and influence in making HECM loans available to more consumers,” ReverseVision Vice President of Sales and Marketing Wendy Peel said in the release. “Skyline serves as the model for how large lenders can leverage an established network of traditional loan officers to create a thriving reverse mortgage line of business.”
ReverseVision also offers live and online training programs through its RVU education platform, including a three-day course specifically designed to help companies like Skyline that have yet to establish their own HECM training accelerate the origination process.
Patrick Tromley, a mortgage planner and senior account executive with Skyline and NewLeaf, attended ReverseVision’s accelerated loan originator training in April. An experienced traditional lender, Tromley had no specific knowledge of reverse mortgage lending. He enrolled in the training not only to springboard his own HECM origination efforts, but to better support his network of broker clientele.
“It was a great experience. I learned a lot and left the training feeling confident enough to line up two leads within a week,” Tromley said in the release. “I would recommend this training to anyone who is contemplating getting into the HECM space.”